Triumvirate1 Posted November 3, 2005 Share Posted November 3, 2005 At Savills auction on 1st November, this studio flat sold for £52,000 8A Neville Walk Carshalton Surrey SM5 1JG It's a long shot, but I'm assuming that flat 8B is also a studio - it sold for £97,000 in August 2004 according to the Land Registry. Rightmove also have a couple of stuidos at this postcode for around £90,000. So £52,000 is almost half price, but still a lot of money for a bedsit near a busy road..... Savills Previous Auctions Quote Link to comment Share on other sites More sharing options...
boom_and_bust Posted November 3, 2005 Share Posted November 3, 2005 At Savills auction on 1st November, this studio flat sold for £52,000 8A Neville Walk Carshalton Surrey SM5 1JG It's a long shot, but I'm assuming that flat 8B is also a studio - it sold for £97,000 in August 2004 according to the Land Registry. Rightmove also have a couple of stuidos at this postcode for around £90,000. So £52,000 is almost half price, but still a lot of money for a bedsit near a busy road..... Savills Previous Auctions Hi, I remember in the crash a decade ago lots of stories of horrific losses on studios, remember one personally myself of a young woman on the block at the end of our road back then paying 67K for a studio and selling two years later at 30K. I think we can expect the biggest initial hits again to be in very small flats or properties in bad neighbourhoods (like TTRTR's maisonette on a sink estate). These will definitely be the bellwether signs to monitor over the coming year. Boomer Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted November 3, 2005 Share Posted November 3, 2005 A friend of mine made a life ruining decision, buying an overpriced studio flat in '87 for £42k. He managed to sell it at a profit, 14 years later! Quote Link to comment Share on other sites More sharing options...
libitina Posted November 3, 2005 Share Posted November 3, 2005 A friend of mine made a life ruining decision, buying an overpriced studio flat in '87 for £42k. He managed to sell it at a profit, 14 years later! He lived in a studio flat for 14 years?? Rather him than me Quote Link to comment Share on other sites More sharing options...
Harry Sacks Posted November 3, 2005 Share Posted November 3, 2005 He lived in a studio flat for 14 years?? Correct. Quote Link to comment Share on other sites More sharing options...
Triumvirate1 Posted November 3, 2005 Author Share Posted November 3, 2005 The guide price of £40,000 was exceeded on this one - a sign of some enthusiasm left.... Quote Link to comment Share on other sites More sharing options...
dogbox Posted November 3, 2005 Share Posted November 3, 2005 Hi, I remember in the crash a decade ago lots of stories of horrific losses on studios, remember one personally myself of a young woman on the block at the end of our road back then paying 67K for a studio and selling two years later at 30K. I think we can expect the biggest initial hits again to be in very small flats or properties in bad neighbourhoods (like TTRTR's maisonette on a sink estate). These will definitely be the bellwether signs to monitor over the coming year. Boomer Spot on. One of my Brothers paid £60000 on a studio and 2 years later couldnt even attract a buyer at £19000. He gave the keys back to Bristol & West in the end. Having said that, my first wifes parents had a detatched in Hadley Wood Herts (highly sought after) worth c£1m prior to the crash. They got divorced in c 1994 selling as £450k I think, so nowhere is immune. Quote Link to comment Share on other sites More sharing options...
bandylegs Posted November 3, 2005 Share Posted November 3, 2005 Spot on. One of my Brothers paid £60000 on a studio and 2 years later couldnt even attract a buyer at £19000. He gave the keys back to Bristol & West in the end. Having said that, my first wifes parents had a detatched in Hadley Wood Herts (highly sought after) worth c£1m prior to the crash. They got divorced in c 1994 selling as £450k I think, so nowhere is immune. What happens when you give the keys back? Has this been discussed on another thread? Quote Link to comment Share on other sites More sharing options...
Goat Posted November 3, 2005 Share Posted November 3, 2005 What happens when you give the keys back? Has this been discussed on another thread? I think this is about the last thing you want to do. If this happens then the BS will sell the property at auction (bottom dollar) and you will still be liable for any remainder on the mortgage. Better to sell at any price. Quote Link to comment Share on other sites More sharing options...
Bedsprings Posted November 3, 2005 Share Posted November 3, 2005 The guide price of £40,000 was exceeded on this one - a sign of some enthusiasm left.... nice one! Quote Link to comment Share on other sites More sharing options...
dogbox Posted November 3, 2005 Share Posted November 3, 2005 What happens when you give the keys back? Has this been discussed on another thread? My Brother posted the keys through the lenders box. He never heard a thing until one morning about 10 years later an envelope found its way to him enclosing a bill for...... £52000 He absolutely sh1t himself. It was all settled within a few weeks. For some reason they agreed to accept... £2500 He was working, had reasonable income although he did play - up the 'I cant afford it, so you better settle on a low fihure' line. Quote Link to comment Share on other sites More sharing options...
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